Terex invests in electric PTO specialist
01 February 2022
Terex announced it has made an investment in Viatec, Inc., a South Carolina-based manufacturer of plug-and-play electric power take-off (PTO) systems that support electrification of utility fleets.
Terex did not disclose the specifics of its investment, but said it is the lead investor in the Series B investment round along with other participants including Duke Energy. In conjunction with its investment, a Terex representative will fill one of five seats on Viatec’s board.
Terex Utilities has actively worked with Viatec since 2019, focusing on plug-in PTO solutions for the electric utility industry. Terex offers flagship product, the SmartPTO, on a variety of its Utilities products. SmartPTO is a lithium-ion battery-based, universal PTO that eliminates the need to idle utility trucks, which reduces noise and carbon emissions, lowers operating costs and extends the life of utility equipment by reducing engine operating hours.
“Viatec has developed an electrification solution for utility customers that is highly effective and easy to use,” said John L. Garrison, Jr., Terex Corp. chairman and chief executive officer. “Our investment in Viatec will enable the company to scale production and make its offering more widely available to electric utility and other customers.”
“We are excited to take our company capabilities to the next level,” said Mark Ferri, Viatec’s President and Chief Executive Officer. “We look forward to our continued partnership with Terex and appreciate the company’s investment.”